American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2011 Financial Results

Company Release - 3/6/12

SAN DIEGO - American Assets Trust, Inc. (NYSE: AAT - News) (the "Company") today reported financial results for its fourth quarter and year-end December31,2011 and provided full year guidance for the fiscal year ending December 31, 2012.

Financial Results and Recent Developments

During the fourth quarter of 2011, the Company generated funds from operations ("FFO") for common stockholders and unitholders of $16.3 million, or $0.28 per diluted share/unit. For the year ended December31,2011, the Company generated FFO for common stockholders and unitholders of $57.3 million, or $1.05 per diluted share/unit, and FFO As Adjusted for common stockholders and unitholders of $60.3 million, or $1.11per diluted share/unit. FFO As Adjusted reflects adjustments to FFO for nonoperational items directly related to the Company`s initial public offering ("IPO") on January 19, 2011. Unitholders refers to holders of units of our operating partnership.

Net income attributable to common stockholders was $0.3 million, or $0.01 per basic and diluted share, for the three months ended December31,2011. For the year ended December31,2011, net income attributable to common stockholders was $2.9 million, or $0.08 per basic and diluted share.

FFO and FFO As Adjusted are non-GAAP supplemental earnings measures which the Company considers meaningful in measuring its operating performance.Reconciliations of FFO and FFO As Adjusted to net income are attached to this press release.

Portfolio Results

The portfolio leased status as of the end of the indicated quarter was as follows:

During the fourth quarter of 2011, the Company signed 44 leases for approximately 186,900 square feet of retail and office space, as well as 112 multifamily apartment leases. Renewals accounted for 79.2%of the comparable retail leases, 100% of the comparable office leases and 53.6% of the residential leases.

Retail

Read the original:
American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2011 Financial Results